erus BioSciences(US:CHRS)2025-11-06 22:12Financial Performance - Coherus Oncology reported net revenue of $11.571 million for the three months ended September 30, 2025, a 91.5% increase from $6.052 million in the same period of 2024[13]. - The company incurred a net loss of $35.531 million for the three months ended September 30, 2025, compared to a net loss of $10.751 million in the same period of 2024[15]. - Coherus Oncology reported a net income of $205.67 million for the nine months ended September 30, 2025, compared to $79.20 million for the same period in 2024, reflecting a significant increase[20]. - The company experienced a net cash used in operating activities of $118.80 million for the nine months ended September 30, 2025, compared to $49.05 million for the same period in 2024[20]. - The net loss from continuing operations for the three months ended September 30, 2025, was $44.517 million, compared to a loss of $47.599 million in 2024[107]. Revenue and Sales - The company anticipates continued growth in product sales and is focused on maintaining regulatory approvals for its product candidates[7]. - LOQTORZI generated net product revenue of $11.169 million for the three months ended September 30, 2025, compared to $5.832 million for the same period in 2024[39]. - For the nine months ended September 30, 2025, total net revenue reached $29.424 million, compared to $18.656 million in 2024, indicating a 58% increase[39]. - The company launched LOQTORZI in December 2023, contributing to the overall revenue growth[39]. - The company reported total net revenue from discontinued operations of $10,663,000 for the three months ended September 30, 2025, a decrease from $64,722,000 in the same period of 2024[66]. Assets and Liabilities - Total current assets rose to $460.955 million as of September 30, 2025, compared to $341.583 million as of December 31, 2024, marking a 35% increase[12]. - The company reported total liabilities of $428.745 million as of September 30, 2025, down from $580.523 million as of December 31, 2024, indicating a 26.1% decrease[12]. - Coherus Oncology's total stockholders' equity improved to $87.774 million as of September 30, 2025, compared to a deficit of $131.990 million as of December 31, 2024[12]. - The total balance of chargebacks and discounts for prompt payment as of September 30, 2025, was $69.826 million, down from $275.645 million at December 31, 2024[42]. - Total accrued and other current liabilities decreased significantly to $13.1 million as of September 30, 2025, from $60.3 million as of December 31, 2024, representing a reduction of approximately 78.2%[58]. Research and Development - Research and development expenses increased to $27.252 million for the three months ended September 30, 2025, up from $22.052 million in the same period of 2024, reflecting a 23.5% rise[13]. - The company recognized a reduction in research and development expenses of $4.8 million during the nine months ended September 30, 2024, related to obligations to Junshi Biosciences[74]. - Coherus has a pipeline that includes two mid-stage clinical candidates targeting various cancers, aiming to grow sales of its PD-1 inhibitor, LOQTORZI[21]. Divestitures and Transactions - The Company divested the UDENYCA franchise to Intas Pharmaceuticals for an upfront cash consideration of $483.4 million, including $118.4 million for product inventory[22]. - The company recognized a net gain of $338.7 million from the sale of the UDENYCA business, which included cash receipts less net assets transferred and transaction expenses[60]. - The company is eligible for two additional earnout payments of $37.5 million each based on UDENYCA's net sales performance over specified periods[61]. - The company completed the divestiture of the UDENYCA business for $483.4 million, including $118.4 million for product inventory[60]. Stock and Shares - The weighted-average number of shares used in computing net loss per share was 116,229,170 for the three months ended September 30, 2025[13]. - Coherus Oncology's total common stock shares outstanding increased to 116,236,018 as of September 30, 2025, from 115,907,216 as of March 31, 2025[17]. - The company issued 287,473 shares under the employee stock purchase plan (ESPP), generating $188,000 in additional paid-in capital[17]. - The company had approximately 30.9 million outstanding dilutive potential shares excluded from the calculation of diluted net income (loss) per share for the three months ended September 30, 2025[107]. Cash and Cash Equivalents - Coherus Oncology's cash and cash equivalents decreased to $103.352 million as of September 30, 2025, from $125.987 million as of December 31, 2024, a decline of 17.9%[12]. - As of September 30, 2025, cash equivalents totaled $103.2 million, while marketable debt securities amounted to $152.4 million, leading to a total fair value of financial assets of $191.5 million[48]. - The company anticipates that its available cash, cash equivalents, and marketable securities will be sufficient to fund planned expenditures and meet obligations in the future[7]. Debt and Interest - The company entered into a senior secured term loan facility for up to $38.7 million, with net proceeds of $37.5 million used to repay the 2027 Term Loans[78]. - Interest expense for the 2029 Term Loan was $1.3 million for the three months ended September 30, 2025, and $3.9 million for the nine months ended September 30, 2025[80]. - The 2029 Term Loan matures on May 8, 2029, with an interest rate of 8.0% plus a three-month SOFR rate, and the company was in full compliance with the loan agreement as of September 30, 2025[79]. - The company recognized a loss on debt extinguishment of $10.3 million during the nine months ended September 30, 2025[70].